How to get out of timeshare

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Oct 4, 2014
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#1
Does anyone have any advice as to how to get out of a timeshare. Seems very difficult to sell. We considered not paying the maintenance fees and letting go back. But, we are concerned about the effect on credit rating, etc. It is a beautiful place in Mazatlan, but as we get older we find it very difficult to continue.
Does anyone have any suggestions?
 
#2
Generally speaking, selling the timeshare is your only option if you want to preserve your credit rating. Not paying the maintenance fees will not necessarily "let it go back;" however, the company will usually turn unpaid maintenance fees over to a collection agency, and that will hurt your credit rating. Not to mention that the agency will most likely start hounding you by telephone and letter.

One option you might have if you own the timeshare outright is to deed it over to a family member or friend who might use it. That would get you out from under it, and would make a wonderful gift to someone, but again that is only really an option if you own the timeshare outright.
 
Dec 28, 2014
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#4
Actually, no, charities rarely, if ever take on timeshares due to the annual fees...it's a lability more than an asset to them.

There are a number of reputable platforms for selling timeshare out there, I'd first try Vacatia.com. Do not pay upfront, do not do business with any entity that contacts you out of the blue, do not do business with anyone claiming to have a buyer for your timeshare.

I would first call your home resort and see if they will take it back.
 
Feb 10, 2016
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#5
I've spent a lot of money and i was scammed by other companies trying to cancel my timeshare. My advice is that if you're going to hire a company to help you with the problem, DO NOT PAY ANYTHING UPFRONT, because it use to be a fraud. I did a research on internet and i found some interesting articles, i recommend you to read this one:

http://www.timesharescam.com/blog/206-how-to-get-out-of-a-timeshare/
 

Grant Ritchie

Dependable adequacy :-)
Oct 1, 2014
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#7
I've spent a lot of money and i was scammed by other companies trying to cancel my timeshare. My advice is that if you're going to hire a company to help you with the problem, DO NOT PAY ANYTHING UPFRONT, because it use to be a fraud. I did a research on internet and i found some interesting articles, i recommend you to read this one:

http://www.timesharescam.com/blog/206-how-to-get-out-of-a-timeshare/
Before anyone reports this as spam, I've reviewed the linked site, and it looks damned useful to me. So absent any direction from higher up, I'm going to leave it alone. Thanks, Mark!
 
Aug 28, 2015
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#8
Consumer Reports in this months issue has a story all about time shares. They stated some people sell them for $1 just to get out of the maintenance fees.

I recommend reading the article.
My cousin bought her timeshare in Hilton Head for $1.00. The info above is correct. She bought it on ebay. I believe she also paid closing costs of $350, or attorney fees, or transfer fees.
 
Dec 28, 2014
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I've spent a lot of money and i was scammed by other companies trying to cancel my timeshare. My advice is that if you're going to hire a company to help you with the problem, DO NOT PAY ANYTHING UPFRONT, because it use to be a fraud. I did a research on internet and i found some interesting articles, i recommend you to read this one:

http://www.timesharescam.com/blog/206-how-to-get-out-of-a-timeshare/
Not only do not pay anything up front, but never (and I usually dislike absolutes) ever do business with any entity that contacts you first.
 
#11
If you intend to use the week [or exchange it for other places] and the fees are reasonable, then you may wish to actually buy the Timeshare for $1.00. Annual fees of $500 or even $1000 can be more than reasonable if you intend to actually use the week or sell or give it away -

I have a client who bought three timeshares for a dollar - [Orlando very close to the parks, Hilton Head and Las Vegas - with the one in Vegas having transferable points and buy extra weeks VERY inexpensively] he has a total of $2750 a year in fees that of course can go up and of every year - but - he has a later March week in Hilton Head, a july week in Orlando [yeah -ok] and a full week before Christmas week in Vegas - and when he does not use them, he donates the week to a charity for a fundraiser - and voila - a deduction for the FULL amount of the annual maintenance fee.

This does work - he usually gives the July Orlando week to the church - they have a raffle for it - there are many families who would love a 2 bedroom condo for $5 or $10 in tickets - and he raises most of the cost of the annual maintenance fee.

The main problem with Timeshares is people pay way too much for them - which is basically 80% sales commission - and then lack the money for the maintenance fees, never use them and are locked into that week at the same place every year for vacation.
 

mmb

Verified Member
Jan 20, 2015
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#12
Joe, is it possible to just file a quit claim deed on the property and be done with it?
 
#13
Joe, is it possible to just file a quit claim deed on the property and be done with it?
depends on the contract and deed restrictions - you lose the property but keep the liability under contract. The mortgage loan is separate from the real estate, so you can give away your house, but still owe on the note . . . charity is the way to go - not the gift of the time share but the gift of the time -
 
Likes: AAGK

mmb

Verified Member
Jan 20, 2015
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#14
depends on the contract and deed restrictions - you lose the property but keep the liability under contract. The mortgage loan is separate from the real estate, so you can give away your house, but still owe on the note . . . charity is the way to go - not the gift of the time share but the gift of the time -
Oh, ours has been paid for years, don't owe any mortgage. Just stuck with yearly maintenance fee of $800. We usually trade it but that costs even more, to be member of trade company and then the trade itself.
Tired of the whole thing and absolutely don't want to burden our kids with this property by way of 'inheritance.' Pretty sure they won't be impressed with inheriting a semi-annual bill i
 
Likes: AAGK
#16
depends on the contract and deed restrictions - you lose the property but keep the liability under contract. The mortgage loan is separate from the real estate, so you can give away your house, but still owe on the note . . . charity is the way to go - not the gift of the time share but the gift of the time -
Just because an asset is included in an estate does not mean that a heir needs to accept it ... but you should arrange to deal with a TS before death . . .
 
Likes: AAGK
Aug 28, 2015
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#17
Anything that costs thousands of dollars that you can't even give away is not a wise investment. These timeshares can still draw fees from your estate when you are dead. Get out of this thing, any way you can.
 
Aug 10, 2013
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#18
Oh, ours has been paid for years, don't owe any mortgage. Just stuck with yearly maintenance fee of $800. We usually trade it but that costs even more, to be member of trade company and then the trade itself.
Tired of the whole thing and absolutely don't want to burden our kids with this property by way of 'inheritance.' Pretty sure they won't be impressed with inheriting a semi-annual bill i

Please do verify this. My mom inherited a property that she did not want. In short, the owner was a hoarder that didn't upkeep the property, it was exploding with cats, a homeless man had moved into the basement and wouldn't leave without legal eviction and sheriff removal, and the property taxes and a mandatory city fee for sewage hadn't been paid in years, resulting in liens and tax auctions. (I am totally serious here and couldn't make this up if I tried.) It cost her thousands and thousands of dollars just to get rid of it because the property was part of a land trust (for which the fees also weren't paid). There are estate planning and elder attorneys that can help avoid issues like these and a one hour consultation is well worth the fee.
 
Likes: AMA

Neil Maley

Moderator
Staff Member
Advocate
Dec 27, 2014
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www.promalvacations.com
#19
Anything that costs thousands of dollars that you can't even give away is not a wise investment. These timeshares can still draw fees from your estate when you are dead. Get out of this thing, any way you can.
A time share should never be purchased to be anything other than a vacation every year. There are not an investment you will make money on. I wish everyone would go to the COnsumer Reports website and read their findings. That is one thing among many interesting tidbits they state.
 
Likes: AMA
Jan 9, 2015
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#20
Another good resource for timeshare owners is TUG or Timeshare Users Group -- http://www.tug2.net/ Guests are welcome and you can browse the ads for people trying to unload their timeshare or you can join the group and post your own ad. There is lots of advice that you may find helpful. Never buy a timeshare for full price; use this site to get an idea of what is on the market.